On Thursday the market opened flat to negative and stayed bearish, settled in the red. The market was sell-off sharply in the last session. On the closing bell, the Nifty index ended below 12100, the Niftybank index settled above 30900 and the Sensex closed at 41170.12. The Nifty loses –45 points, Niftybank gains more than 100 points and the Sensex loses over -150 points.
Today, the Nifty index opened at 12119 went up to 12152 and closed at 12080.85 after making a low of 12071.45. The Niftybank index opened at 30862.30 and stayed volatile between 31085.30 to 30702.45 and closed at 30942.85.
As per the last view, ‘if the Nifty index holds above 12085 then it can go up to 12160 to 12200 and if the Nifty index breaks below 12085 then it can fall till 12040 to 12000‘ and today the index fell till 12071 after breaking 12085 and went up to 12152.
For the next d trading, if the Nifty index breaks above 12101 then it can go up to 12160 or more. If the Nifty index holds below 12100 and breaks 12071 then it can fall till 12045 to 11990.
From the above hourly chart, it can be seen that the Nifty index trading and consolidating between 11900 to 12200. Today the market gave mixed opening and closing where Nifty and Sensex closed in red whereas the Niftybank settled in green. For now, 12150 to 12045 has become a narrow range for the Nifty index and breaking these levels may decide further movement. Technically, the market is consolidating and trading in high volatility. As per the expectation profit-booking we saw in the Nifty on the weekly expiration.
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- Axis Bank to explore long term strategic partnership with Max Financial, MAX Life.
- HDFC Bank SME book doubles to Rs 1.48 lakh crore in three years.
- Tobacco farmer body urges govt to ‘pragmatic’ approach on cigarette taxation.
- Vodafone Idea pays Rs. 1000 crore to telecom department towards dues.
Trading zone for the Nifty index on 24th February 2020
Upside Resistance:- 12101, 12150, 12190.
Downside Support:- 12040, 12000, 11940.
In the Nifty 50, 21 stocks traded in green and 29 were declined on 20th February 2020.
Top 5 Nifty Gainer and Loser
The most active value-wise stocks were INDUSINDBK, SBIN, RELIANCE TATAMOTORS, BHARTIARTL, and the volume-wise were YES BANK, TATAMOTORS, SBIN, ONGC, NTPC.